ETH may soon hit a new ATH after ETH reserves on centralized exchanges fell by 27% in 2 days
Alex Saunders, founder & CEO of Nuggets News says the decline in Ether reserves had escalated by a further 20% leading him to suggest that centralized platforms may run out of ETH in the next 48 hours.
Exchanges could be out of $ETH within 48 hours. Demand has sky rocketed. Exchange reserves fell 20% from 10M to 8M in the last few hours. With targets of $5k, $10k & $20k long term, I doubt many HODLers will sell their ETH in the $1-2k range. 🌐🖥️👽 #ETH2 #DeFi #NFTs #Gaming #DAO pic.twitter.com/rYPOch2u7p
— Alex Saunders 🇦🇺👨🔬 (@AlexSaundersAU) January 14, 2021
The amount of Ether held on exchanges has plunged over the past two days, with CryptoQuant data indicating that just 8.1 million ETH is currently sitting in the reserves of centralized exchanges.
Data from Glassnode indicates that Ether reserves on centralized exchanges have not been this low since July 2018. As of this writing, only 7% of Ether’s circulating supply is held on exchanges.
Another trader on Twitter, named Blake replied to the tweet of Saunders that Glassnode it appears that eth is making its way back onto exchanges in order to dump on retail.
I don’t know about this @AlexSaundersAU, if I am looking at @glassnode it appears that eth is making its way back onto exchanges in order to dump on retail. Plus I don’t know about this 20% dump?? pic.twitter.com/PSNOveaW4x
— Blake ⚡ (@blake3hamilton) January 15, 2021
“In addition if you look at the current order book on a place like Binance for example I still get the vibe this is a dump on retail not a supply shortage could be wrong Ethereum”. He added.
According to Glassnode, ETH active supply 1w-1m (1d MA) just reached a 2-year high of 9,016,529.768 ETH. Previous 2-year high of 9,015,061.263 ETH was observed on 19 July 2019.
According to crypto market data aggregator IntoTheBlock, Ether is currently exhibiting numerous bullish signals, including a bid-to-ask volume imbalance of almost 9%.
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